Market Introduction
North America Remote Patient Monitoring Market North America is largest market for remote patient monitoring with the US holding the largest market share followed by Canada. North America Remote Patient Monitoring Market U.S. is the largest market for the remote patient monitoring. The growth of market is due to the factors such as increase in the demand of remote patient monitoring devices from hospitals & clinics, rise prevalence in the cardiovascular disease, and home healthcare in the US and the rise in the geriatric population in U.S. In addition, the country is far ahead from the other developed and developing countries in terms of technology. North America Remote Patient Monitoring Market The advancement in the technology has forced to develop various remote patient monitoring devices and technologies that are used for its applications However, the veterans in healthcare industry are reluctant to the adoption of remote patient monitoring systems which is restraining the remote patient monitoring devices market.
North America Remote Patient Monitoring Market The companies in the region are growing due to the adoption of the strategic steps such as agreements, collaboration, product launches and many more. For instance, in Jan 2019, NewYork-Presbyterian Hospital and Philips team up for remote patient monitoring. NewYork-Presbyterian Hospital has planned to expand its virtual care capabilities with remote monitoring services from Philips. North America Remote Patient Monitoring Market The doctors at Weill Cornell Medicine will utilize the Philips eCareCoordinator and eCareCompanion solutions under hospital affiliation. The use of remote patient monitoring devices can help to cut the chronic disease treatment cost and duration. For instance, coronary artery disease is among the leading cause of the morbidity and mortality in the well matured countries.
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North America Remote Patient Monitoring Market As per the Center of Disease Control report, one out of four deaths are attributed to coronary artery disease. The coronary artery diseases cost human, productivity, more than US$ 100 billion per year in US. In addition, the recently published report by the American Heart Association in 2018 states that one of every three deaths are caused due to cardiovascular diseases. North America Remote Patient Monitoring Market Approximately 2,300 Americans die of cardiovascular disease per year and an average of one death is recorded in every 38 seconds.
North America Remote Patient Monitoring Market North America has experienced a rising number of cases of COVID-19 since its outbreak. The clinical and product development engine has experienced profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also severely affected by disruptions in both new enrollment and in keeping existing patients on therapies. The impact of COVID-19 has placed many biomedical sensors companies under pressure. North America Remote Patient Monitoring Market However, it also has had a positive impact on the medical device industry, wherein the demand for R&D activity is increasing, leading to a rise in medical device assistance for the detection of COVID-19.
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Medtronic
Koninklijke Philips N.V.
Boston Scientific Corporation
Abbott
OMRON Corporation
Siemens Healthineers AG
Nihon Kohden Corporation
General Electric Company
VitalConnect
Cerner Corporation
North America Remote Patient Monitoring Market For instance, the researchers of the University Of Illinois Grainger College Of Engineering developed an ultrasensitive test using a paper-based electrochemical sensor that can detect the presence of the coronavirus in five minutes. Furthermore, the Government of Canada is invested $25.8M in COVID-19 research to contribute to the global efforts for research on medical countermeasures against COVID-19. North America Remote Patient Monitoring Market For instance, a research project on โRapid, Ultrasensitive Clinical Detection of 2019 Novel Coronavirus (nCOVID-19) by Novel Microfluidic Electrochemical Nano-Biosensorsโ was funded US$ 0.79 million. The Government of Canada provided the funding ($26.8M) for the first wave of COVID-19 research projects through the CIHR, the Natural Sciences and Engineering Research Council of Canada (NSERC), the Social Sciences and Humanities Research Council (SSHRC), the International Development Research Centre (IDRC), the Canada Research Coordinating Committee (CRCC) through the New Frontiers in Research Fund (NFRF), and Genome Canada (GC). Thus, increasing funding by the government in research and development activities anticipated the growth of the remote patient monitoring market.
Key Players and Competitive Landscape
- Philips Healthcare: Philips is one of the leading players in the North American RPM market, offering a range of remote patient monitoring solutions, including the Philips eCareCoordinator and eCareCompanion platforms. The companyโs focus on digital health and partnerships with major healthcare institutions, such as NewYork-Presbyterian Hospital, positions it as a key player in the region.
- Medtronic: Medtronic is another major player in the RPM market, with a strong portfolio of devices designed to monitor chronic conditions like diabetes and cardiovascular diseases. Medtronicโs focus on innovative solutions, such as the MiniMed insulin pumps and continuous glucose monitoring systems, has helped it maintain a competitive edge in the North American market.
- Abbott Laboratories: Abbott is a leader in the healthcare space, particularly in the diabetes management sector, with its continuous glucose monitoring (CGM) systems. Abbottโs Freestyle Libre CGM system is a key product in the RPM market, allowing patients to track their blood glucose levels remotely. Abbottโs continued investment in innovation and its focus on expanding its RPM offerings make it a strong competitor.
- AliveCor: AliveCor specializes in portable ECG devices and mobile health applications that enable patients to monitor their heart health remotely. The companyโs KardiaMobile device is a widely used product for detecting arrhythmias and other heart conditions, giving it a significant market presence in North America.
- iHealth Labs: iHealth Labs is a rising player in the RPM space, offering a range of home health monitoring devices, including thermometers, blood pressure monitors, and pulse oximeters. The companyโs focus on providing affordable, user-friendly products positions it well in the growing consumer-driven healthcare market.
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